STIMULUS CHECK UPDATE.
“Leaders in the House and Senate reached an agreement late Sunday on a $900 billion pandemic relief bill that includes enhanced unemployment benefits and direct cash payments.There were several changes made from a proposal put forward nearly two weeks ago by a bipartisan group of lawmakers. Direct stimulus checks were brought in at the last minute. Direct aid to states and liability protections for companies were left out.” –CNN
If the new bill passes, it will be the second-largest federal stimulus package after the $2 trillion CARES Act that Congress approved in March.
Lawmakers in both chambers are expected to vote today and send the bill to President Donald Trump’s desk for his signature — just in time to get something done before the end of December, when several aid programs in the CARES Act are set to expire, including key pandemic jobless assistance measures and eviction protections.
The full bill text had not been released as of Sunday night. Here’s what we know so far….. For more information visit HERE
Source Credit: CNN
WHO QUALIFIES FOR SECOND STIMULUS CHECK?
Americans who earned less than $75,000 in 2019 will qualify for the $600 check. The benefit amount is reduced for those who earned more than $75,000 in 2019, while people who earned more than $99,000 in 2019 will not qualify.
Children are also eligible for the $600 stimulus check, which is more than the $500 they received earlier this year, meaning a family of four could receive $2,400, for example. However, adult dependents are not expected to qualify for the stimulus checks.
Additionally, there is no limit on the amount of money that a single household could receive.
Source Credit: NEWSWEEK
WHEN WILL YOU RECEIVE SECOND STIMULUS CHECK?
As of now the timeline for sending out the checks is not yet certain because Congress has not actually passed the bill just yet, which lawmakers are expected to vote on today 12-21-20. But who knows, there is a good chance the money could start moving relatively fast if the CARES Act is any indication.
I DIDN’T RECEIVE A $1200 CHECK EARLIER IN COVID-19
Your economic impact payment is effectively an advance on a 2020 tax credit, so you should receive a stimulus payment of up to $1,200 and $600, but they likely won’t arrive until next year, unfortunately.
In March, the IRS sent $1,200 payments to individuals with adjusted gross annual income below $75,000, and $2,400 to married couples filing taxes jointly who earned under $150,000. This time around, you can only expect a $600 check if you make $75,000 or less.
‘Eligible taxpayers who received a smaller-than-expected economic impact payment may qualify to receive an additional amount early next year.’
— Internal Revenue Service guidance
“In many instances, eligible taxpayers who received a smaller-than-expected economic impact payment may qualify to receive an additional amount early next year when they file their 2020 federal income tax return,” the IRS said.
Source Credit: Marketwatch
WILL THERE BE MORE RELIEF?
Senate Minority Leader Chuck Schumer, D-N.Y., said Sunday on the Senate floor the deal was “far from perfect” but will deliver “emergency relief” to Americans. He said he would push for another relief bill once President-elect Joe Biden takes office; aid for state and local governments has been a sticking point in previous negotiations.
Source Credit: Syracuse
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